Binance Announced DeFi Staking Platform with Support for Dai and Kava

August 24, 2020 4:01 PM UTC

Binance, leading cryptocurrency exchange, has entered the decentralized finance space by announcing the DeFi staking platform. As per August 19 announcement, the Binance staking is completely functional, and it offers support for DAI.  

Moreover, Binance staking has also listed Kava, a staking protocol supported by Binance Huobi and OKEx, as a second crypto asset. The exchange’s new initiative allows Kava users to move directly into Binance’s DeFi staking platform, without using the Kava app.

Regarding new DeFi platform, Binance CEO Changpeng Zhao said:

“Our users have been requesting giving them access to DeFi. Binance prioritizes user experience and in the spirit of the community, now offers direct integration into these DeFi products allowing the products’ value to flow out to users and that’s happening with KAVA and BNB to name a few.”

Binance and Other Crypto Specialist Remain Confident About DeFi Future

DeFi is an open-source protocol built on top of the blockchain. DeFi project employs smart contracts and digital assets to help its users by providing new borrowing and lending solutions. DeFi protocols are presenting new opportunities that financial institutions need to acknowledge in order to thrive in this ecosystem. Several crypto experts are considering DeFi as the future of finance.

Changpeng Zhao has confirmed that Binance has been working on various DeFi projects. While giving an interview to Boxmining, CZ said, “I think DeFi is a really innovative space and I think that’s really good. Initially, when people talk about DeFi they think about lending so you can lend your coins but now, you lend the coins to provide liquidity.”

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